According to court papers filed this previous Thursday, Donald Trump Jr. claimed near-complete ignorance of the GAAP. GAAP is an acronym for generally accepted accounting principles and in short, is a set of procedures that public companies in the U.S must strictly follow. Don Jr.’s lack of knowledge comes as a surprise as he has been the sole trustee for the Trump Organization, signing off on his father’s financial papers for years. During the same deposition where Trump Jr. revealed his accounting ignorance, he also said that his only familiarity with GAAP was “probably [from] Accounting 101…
